Send Money Abroad

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It is simple to send money abroad, but it’s important to remember that different countries have different rules and regulations surrounding international money transfer. Before sending money overseas, familiarize yourself with the international money transfer regulations specific to the country you will be sending money too. For example, sending money within the European Union is relatively simple. Some countries, like Argentina, are easy to transfer money into, but challenging to send outbound wires from, due to strict government regulations. FXcompared can not only assist you in your transfers, but it can help you find better rates than transferring directly through your bank.

Popular Money Transfer Destinations

Send Money to Australia

Send Money to South Africa

Send Money to Spain

Send Money to UK

Send Money to USA

Sending money internationally is now easier than in the past, thanks to technological advances such as mobile applications that allow faster money transfer. There are a variety of currency brokers through which you can send money internationally via their websites. Though the process to internationally transfer money online is similar with each broker, fees and offered exchange rates vary between providers. FXcompared can assist you in choosing a currency broker, by comparing different brokers and walking you through the process of transferring money online. FXcompared has assessed over 300 currency providers to help you in the search for a currency broker that best suits your needs. You can learn more about transferring money internationally online here.

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Recent Updates

India, October 2015

The Reserve Bank of India prohibits transferring rupees out of India. However, Indian residents who have been living in India for at least 180 days during the financial year are permitted to remit a maximum of US$ 250,000 each year out of India.

Switzerland, January 2015

The Swiss National Bank (SNB), surprised the markets on January 15th by scrapping its minimum exchange rate of CHF1.20 against the euro, on the basis that it was ‘no longer justified’. The SNB introduced the cap in 2011 in a bid to protect itself from the fall-out of the Eurozone debt crisis, but with the likelihood of the European Central Bank (ECB) embarking on a regime of bond buying, or quantitative easing, sending the euro even lower, defending the cap was unsustainable. The SNB’s decision represents a complete reversal from its previous position, with senior officials having in December and January reasserted their commitment to the cap.

Cyprus, December 2014

On December 8th 2014, the Central Bank of Cyprus further relaxed capital controls that were adopted under the 2013 emergency law required by its EU-IMF bailout. Companies are now authorised to make outgoing payments of up to EUR2m per transaction for activities that fall within their normal business activity, up from EUR1m earlier this year. The amount that individuals may transfer out of the country was doubled to EUR10,000 per month, and the amount of hard currency that travellers may carry out of the country at once was doubled to EUR6,000. Remaining caps may be relaxed next year as the Cypriot financial sector stabilises.

Nigeria, September 2014

The Central Bank of Nigeria now allows International Money Transfer Services (IMTS) to send outbound transfers, in addition to banks. IMTS companies are still limited to person-to-person transactions, but the ceiling on outbound transfers was raised from US$2000 to US$5000 or its equivalent per transaction.

Ghana, August 2014

The Bank of Ghana eased some of the tough measures that were adopted in February in an effort to slow depreciation of the cedi (GHS). A US$1000 cap on over-the-counter forex withdrawals and a 60-day deadline to repatriate foreign earnings were both dropped. Holders of bank accounts denominated in foreign currency were allowed to be issued chequebooks for local payment. Businesses in the forex field (e.g. hotels) were authorised to receive payment in foreign currency.

Argentina, January 2014

The Central Bank of Argentina relaxed its forex restrictions after the value of the peso (ARS) dropped 15% over just two days in January. The central bank lowered the tax on USD purchases from 35% to 20% and allowed nationals to hold savings accounts in USD. Restrictive policies adopted in 2011 aimed to protect foreign exchange reserves but also contributed to spiking inflation.

 

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